Best's Market Segment Report: MENA Reinsurers Report Topline Growth, While Challenging Economic Conditions Persist for Most
Achieving consistently strong underwriting returns has been a historical challenge for MENA reinsurers, however, recent market conditions favour the region’s reinsurers, according to a new AM Best report.
The Best’s Market Segment Report, “MENA Reinsurers Report Topline Growth, Whilst Challenging Economic Conditions for Most Persist”, is part of AM Best’s look at the global reinsurance industry published as part of its high profile participation at the Rendez-Vous de Septembre in Monte Carlo. Additional reports, including AM Best’s annual ranking of the Top 50 global reinsurance groups and in-depth looks at the insurance-linked securities, life/annuity, health and regional reinsurance markets, are also available at Best’s Research.
MENA reinsurers reported double-digit growth in gross written premium (GWP) at year-end 2022, citing favourable global reinsurance pricing trends, inflation, new business opportunities, and corrective action to rates and terms and conditions as the leading drivers.
“AM Best views the MENA region as having solid longer-term reinsurance growth potential,” said Emily Thompson, senior financial analyst, AM Best. “Prospects for the reinsurance market may arise from growing product offerings in primary markets, namely in cyber and liability lines of business, along with opportunities created by the commitments of the region’s oil-exporting countries to reduce their dependence on petrochemicals and diversify their economies.”
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.